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Q&A Forum

S corp owned investment property

Hi all. I am helping a family member who has been holding an investment property for many years in an s corp (bad, I know). Due to depreciation and the rise in market value, his basis i...
64 Views | 0 Answers/Comments

Meals are essentially no longer deductible under the new tax law

Wayne Spivak
Title: President & CFO
LinkedIn Profile
(President & CFO at
What do you see as the fall-out to the company, business culture and the bottom line of not only your company but your favorite "meal" establishments?
438 Views | 0 Answers/Comments

Schedule O Form 1120

Yelena Sivaya
Title: Finance and Compliance Officer
Company: Advanced Combat Solutions Inc.
(Finance and Compliance Officer at Advanced Combat Solutions Inc.)
Hey Guys, I have a question: I am filing a consolidated return for a small parent-sub group (both are c-corps). Do I have to necessarily file schedule O (form 1120) along with the form...
396 Views | 0 Answers/Comments

Is Lighting on a Leasehold Improvement considered Section 179 depreciation expense or standard

Adam Brown
Title: Student
Company: The University of South Dakota
(Student at The University of South Dakota)
A client has spent a considerable amount on electrician expenses during there improvement project and the lighting is not permenently fastened to the building. would it qualify as a 179...
453 Views | 0 Answers/Comments

Sales Tax Question

Our company is in a state that has sales tax, while we often make sales to customers in states that don't have it. If someone were to place an order in a state that doesn't have sales t...
1760 Views | 3 Answers/Comments

Tax withholding for nonresident alien employees?

As a US-based online business, I have several employees living in the Philippines (citizens of Philippines). Are the wages I pay them considered to them to be US source income? Am I req...
1712 Views | 1 Answers/Comments

tax related guidance for doing business in Massachusetts

(Sr. International Accountant)
Does anybody know of what we might need to know tax wise related to doing work in Massachusetts? We are legal services related attorney firm. Thanks!
1905 Views | 2 Answers/Comments

Tax Submission

(Director of Finance)
While it isn't currently my primary business, I did prepare taxes fro a couple of clients this year for a fee. We received back a letter from the IRS listing penalties and interest ...
1493 Views | 2 Answers/Comments

Basics on VAT

Srikanth lakshminarayanan

I would like to have basic knowledge on VAT which is going to be implemented in UAE.

250 Views | 1 Answers/Comments

Our company based in the US rents villas in Mexico. Do we need to report to IRS remittances to Mexican homeowners whose villas are rented out.

H Singh
Title: Manager
Company: La Riviera Maya
(Manager at La Riviera Maya)
Our website registered and operated out of US, lists oceanfront villas and condos that are located in Riviera Maya, Mexico. Some of these Villas and Condos are owned by Mexican national...
617 Views | 1 Answers/Comments

Is there withholding tax on management fee paid to foreign company?

Preawpan Soonsinbhai
Title: Accounting Manager
Company: Asset World Leisure
(Accounting Manager at Asset World Leisure)
Company A, registered in New York state, need to pay mangement fee to the company outside US. Does company A need to deduct withholding tax from fee amount? ...
1782 Views | 1 Answers/Comments

Section 6056 Reporting

Christie Jahn
Title: CFO
Company: Prime Investments & Development
(CFO at Prime Investments & Development)
Are most companies paying to a third party to report this next year? I'm curious how this is impacting companies or what steps you are taking now to be prepared for the reporting ne...
8297 Views | 8 Answers/Comments

Underpayment of Sales and use tax

(Sr Accountant Assoc)
While filing in march for Feb 2016 sales and use tax, the balance sheet for 2015 was used instead of the 2016. This caused an underpayment of the sales and use tax. Also and over paymen...
951 Views | 1 Answers/Comments

Washington state sales taxes

Mark Linder
Title: VP Finance
Company: Performance Solutions
(VP Finance at Performance Solutions)
We are an AZ based corporation.  We do not have a nexus in Washington state.  The tax "expert" at our outside CPA firm told us there is a new law that re...
2439 Views | 4 Answers/Comments

Use Tax

(Accounting )
I work in the finance office at a company who does not pay use tax on any of the purchases from any vendors who do not charge us the sales tax directly. I spoke to the company's acc...
1131 Views | 4 Answers/Comments

Our company employs several freelancers - should we issue them a W9 every January, or must we give them a W9 as soon as they start work?

Carrie Scott
Title: VP Finance
Company: Private
(VP Finance at Private)

W9 Best Practices

11952 Views | 5 Answers/Comments

Sales Tax Consultant?

Brenda Knelsen
Title: Finance Manager
Company: LabX Media Group
(Finance Manager at LabX Media Group)
Hello, We are expanding our Canadian trade show business into the US, and I need some help figuring out what states we need to charge sales tax in, if any. Can anyone recommend a good c...
1518 Views | 4 Answers/Comments

As of Feb 2016, are Enterprise Software sales and Support and Maintenance Agreements subject to CA Sales Tax?

(Sub-Regional Director - Vietnam (HCM, Ha..)
(1) A California-based Independent Software Vendor licenses the same software to multiple enterprises subject to a Software License Agreement. Vendors retains all intellectual property ...
1070 Views | 0 Answers/Comments

1099-misc reporting of reimbursed expenses

(staff Accountant )

Can anyone provide me with an authoritative answer on reimbursed expenses being reported on a 1099-MISC.

2513 Views | 5 Answers/Comments

State Lotteries: Predatory Dishonesty, by the Numbers

Randall Bolten
Title: CEO
Company: Lucidity
LinkedIn Profile
(CEO at Lucidity)
The Powerball payout has reached the jaw-dropping, mind-numbing (insert your favorite hyper-adjective here) level of $1.4 billion. Tragically, state lotteries are one of the m...
2645 Views | 13 Answers/Comments

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